Every year, Savannah absorbs another wave of new residents, people relocating from all over the country, drawn by the historic squares, the coastline, the pace of life. Most newcomers know to find a doctor, a dentist, a place of worship. Fewer think to ask whether their financial and legal documents still work the way they think they do.
According to Alan Kinney, a Managing Director and Private Wealth Financial Advisor with the Bezilla Kinney Phifer Wealth Management Group of Wells Fargo Advisors, that gap has been consistent for as long as he’s been in the business—more than 40 years. He’s watched Savannah go through this kind of growth before, and has watched the same oversights follow it each time.
The paperwork problem
A will, a power of attorney, or a healthcare directive drafted under the laws of another state doesn’t automatically carry over cleanly once you’ve relocated to Georgia. Sometimes the fix is minor, like updating a clause here or there. Other times, a document that worked perfectly well back home sits untouched for years, inadvertently creating cost and confusion for whoever eventually has to act on it.
It isn’t only about the documents existing. Alan has seen clients pay to have a trust drafted properly, then never retitle the actual accounts to match it, which renders the planning meaningless. Life changes, too. Kids, grandkids, a shift in family circumstances. All of it is reason enough to have your documents reviewed periodically, whether you’ve moved or not.
A tool worth understanding: direct indexing
For investors with taxable brokerage accounts, direct indexing is one strategy worth knowing about. Rather than buying a fund that tracks an index like the S&P 500, an investor owns the individual stocks directly, built to mirror that index’s performance. The difference shows up at tax time.
When a holding drops in value, it can be sold and temporarily swapped for a similar one in the same sector, capturing a tax loss while the portfolio stays invested in that space. After a required waiting period, the original position can be repurchased. Those harvested losses accumulate and can offset capital gains elsewhere, from a business sale, a property, or another investment entirely.
It isn’t the right fit for every account, nor is it a substitute for a conversation with your own tax advisor. But for the right investor, it’s a way to stay invested while keeping more of what the market gives you.
Investment and Insurance Products:
Not FDIC / No Bank Guarantee / May Lose Value
The bigger picture
Whether it’s outdated documents or an inefficient portfolio, the pattern is the same: a life change happens, and the financial details don’t always keep pace. For anyone new to Savannah, or simply due for a check-in, it’s worth taking stock of both.
Alan Kinney and his team at Bezilla Kinney Phifer Wealth Management Group of Wells Fargo Advisors can be reached through fa.wellsfargoadvisors.com/bezilla-kinney-wmg
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